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Drumbeat: Ad Buzzaar
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Wednesday, August 26, 1998
Corrective rally likely
Ashok Kumar
With the resounding success of SBI's RIBs, the bourses have finally received a much needed boost. After a long drawn bearish phase, a corrective rally seems to have set in with the prime movers being software and pharma stocks. Long positions could be taken up at the courters of Guj Ambuja Cement at Rs 180, ACC at Rs 1095, Carrier Aircon at Rs 235 and Digital Equipment at Rs 145. Profit-looking could be considered at the counters of German Remedies at Rs 490 and Rolta India at Rs 70. Short-selling, though highly risky at this stage, could be considered by speculation at the courters of ITC at Rs 640 and HLL at Rs 1655. The bet of the week is Madras Refineries, which is still in the `no delivery' zone. Though a corrective rally is on, the tide could turn quickly at higher leels and the bears could return especially given the fluid political situation.Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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